The U.S. dollar slipped today, after slightly inclining yesterday on optimism with regards to global recovery.
The euro-dollar pair slightly inclined on the daily charts, while it is consolidating on the 4-hour and 1-hour charts. The euro touched it highest in two weeks versus the dollar today, ahead of the ECB meeting later on today. Trichet and other policy makers are expected to leave the benchmark unchanged; thus, the decision is expected to have no effect on the euro. The European Single Currency is currently traded at 1.4770 recording a high of 1.4786 and low of 1.4681, where the pair is supported by 1.4755 and faces the coming resistance of 1.4780 then 1.4790.
The pound-dollar pair also showed an incline on the daily and 4-charts. Today, the BoE will meet to set the interest rate, where the rate is expected to remain at its current level. So far, the pound is traded at 1.6049, setting a high of 1.6071 and a low of 1.5946; while the coming support for the pair is seen at 1.6025 and the resistance is spotted at 1.6070.
The dollar-yen pair still continues its downside trend that started on August 8 on the daily charts. However, on the 4-hour and 1-hour charts, the pair is consolidating. The yen is close to its highest level against the dollar in more than 8 months, recorded yesterday. Now, the pair is trading around 88.23, after hitting a high of 88.70 and a low of 88.13; while the pair is currently facing the coming support level at 88.15, while the resistance is spotted at 88.30.